3 Creating a regional market AMERCA Alliance of Central American Markets Variation of NOREX model All exchanges and regulators retain own authority Shared system with common trading rules same access for all New figure in each country Remote Member overseas member with rights limited to participation in the Electronic Order Book All Public Offer securities offered in the National Markets starting with shares and bonds Shared governance managed through shared subsidiary

4 AMERCA Objectives Offer issuers a mass of investors sufficient to justify listing in the region Offer investors a mass of issuers sufficient to justify investing in the region Improve the quality of the markets greater liquidity, lower volatility, lower spreads, improved standards of governance Share the cost of technology investment between exchanges overall cost and quality up, average cost down Principal impacts 3 listing venues - differentiation between national regimes at level of investors, firms and issuers Expectations Issuers will experience different regulatory approaches and investors will differentiate quality Regulatory convergence on transparency and corporate governance Convergence on firms regulation New exchange members will have to meet minimum standards

5 CG initiatives in region Regional Network of Institutes of Corporate Governance Panama Securities Regulator, private sector and Stock Exchange all key forces in creation of IGC-P. Significant support from Forum 2007 IGC-Panama launched aimed at all types and sizes of company 2008 Start of activities - CG Library within the National Library - Seminars - Bulletins - National CG Survey coordinated by the Exchange creation of network of sister Institutes in region, coordinating products and messages, initiate director training programmes Costa Rica Stock Exchange pushing to create early-mid 2009 Dominican Republic Stock Exchange has offered to act as central pivot El Salvador Stock Exchange to take lead role in pushing forward

7 Themes emerging in CAm Objectives and corporate governance of Stock Exchange in developing country social or commercial? Power of Exchanges to influence private non-listed sector Regionalization goals creation of critical mass and relevance migration towards international standards in markets regulatory convergence towards what is necessary

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